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SAFE Banking Act Hearing Shows Challenges Despite Growing Support

The hearing showed how hard getting the bill through the Senate will be

A much-hyped congressional hearing on easing cannabis banking restrictions served as a reminder Tuesday that reforming pot laws remains an uphill battle in Congress despite growing bipartisan support among lawmakers.

The Senate Committee on Banking, Housing and Urban Affairs hosted a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.” Lawmakers, industry executives and advocates testified on the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. They urged lawmakers to change federal laws to give the budding industry access to traditional financial services.

One piece of legislation, the Secure and Fair Enforcement (SAFE) Banking Act, would allow banks, credit unions and other financial institutions to work with the cannabis industry. Some think it could pass because it’s narrowly focused on banking and not other sticky issues like decriminalizing or legalizing pot.

But Tuesday’s hearing showed just how hard getting the bill through the Senate would be. Aside from committee chairman Mike Crapo, R-Idaho, none of the Republican committee members attended the hearing.

“It really highlights the fear of Republicans to emphasize their prohibitionist policy positions,” said Justin Strekal, political director for the National Organization for the Reform of Marijuana Laws.


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